For the First Time Since the Great Depression, a Majority of Young Adults Are Living with Their Parents
The number of young adults living with their parents rose by 2.6 million between February and July 2020.
The coronavirus pandemic has altered the living situations of millions of American families.
Today, a staggering 26.6 million millennials are currently living with their parents, surpassing the previous record set during the Great Depression.
A recent analysis of monthly Census Bureau data by Pew Research Center found that the number of young adults living with their parents rose by 2.6 million between February and July 2020. In July, 52% of 18- to 29-year-olds resided with one or both of their parents, up from 47% in February.
According to Pew Research Center, the number of young adults living with their parents grew across the board for all major racial and ethnic groups, men and women, and metropolitan and rural residents, as well as in all four main census regions.
Why? Young adults have been particularly hard hit by this year’s pandemic and economic downturn. Plus, many millennials were struggling financially prior to the outbreak, delaying life milestones like buying homes and getting married. COVID-19 seems to have been the last straw.
“You may have student debt and not much savings, and that's why (you) are moving home,” Bobbi Rebell, a certified financial planner whose 20-year-old son and 23-year-old daughter are living at home, told USA Today. “It's really not their fault.”
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Before 2020, the highest measured value was in the 1940 census at the end of the Great Depression, when 48% of young adults lived with their parents.
“The peak may have been higher during the worst of the Great Depression in the 1930s, but there is no data for that period,” the Pew study notes.
Well, at least with the kids back home we all have built-in tech support, now!